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Disclaimer:

Citron does not guarantee in any way that it is providing all of the information that may be available. We recommend that you do your own due diligence before buying or selling any security. At any times the principals of Citron might hold a position in any of the securities profiled on the site. Citron will not report when a position is initiated or covered. Each investor must make that decision based on his/her judgment of the market.

Andrew Left has the longest published and most highly predictive track record of any market commentator or columnist on the specific topic of fraudulent and over-hyped stocks. Mr. Left has been quoted in the Wall Street Journal, Barrons, and Fortune, and he has been interviewed on CNBC. Mr. Left was an invited panelist at Columbia University's China Business Conference 2012, and his research on Longtop Financial is excerpted with permission in a Harvard University Business School case study.

Citron Research has been publishing columns for over 11 years, making it one of the longest-running online stock commentary websites. With over 150 reports, Citron has amassed a track record identifying fraud and terminal business models second to none among any published source. The goal of this website is and has always been to provide truthful information in an entertaining format to the investing public. Our goal has never been to engage in “gotcha” journalism. Readers are always encouraged to consider this and all information available regarding any potential investments, to seek professional assistance as necessary, and to draw their own conclusions.

It is obvious that the vast preponderance of companies ( but not all – so who’s perfect? ) covered in the archived reports performed poorly as investments. Readers are welcome to compile their own track records and draw their own conclusions.

One objective measure is when companies are subject to regulatory consequences – be those from law enforcement, regulatory agencies, exchange/compliance, or bankruptcy proceedings. One compilation of our work can be reviewed on Wikipedia:

Citron Research represents the work of a team of investigators, led by Andrew Left. Mr. Left is a private investor with 17 years trading experience. Mr. Left has been quoted in every major US financial publication, including Forbes, Fortune, Wall Street Journal, Barron’s, CNBC, Investors’ Business Daily, and Business Week, as well as numerous Chinese media. All previous reports are available in the Archives tab on this site, and searchable by ticker or keyword.

It has always been the mission of Citron Research to keep the focus on the message and not the messenger. However, questions invariably arise as to the source of controversial public postings, and it is sometimes inevitable that the negativity turns personal. Therefore the following is offered:

Public Records and Libel

In 1995, when Mr. Left was 22 and just out of college, responding to an ad to “earn $100,000” he took his first job, for a brief span of months, working for a commodities trading firm (Universal Commodity Corporation) making cold calls. Several years later, the firm and a list of all its employees (19), were sanctioned by the regulatory arm of the NFA (National Futures Association). Having permanently exited the business of selling investments years prior, Mr. Left did not contest the civil sanctions imposed upon his further activities in that business. This finding is a matter of public record here:http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0253075&case=95BCC00020&contrib=NFA

In 2010, Mr. Left was briefly arrested in Florida in relation to a petty dispute with a drycleaner. The charges were subsequently dropped. Neither of the above-disclosed events, nor any others, have resulted in any form of criminal prosecution or conviction. Yet references are predictably posted on public message boards in an attempt to discredit Mr. Left and/or Citron’s writings. It is Mr. Left’s opinion that the public is welcome to weigh these facts and all other information when considering the validity of Citron Research’s public postings.

Citron believes every US citizen is entitled to exercise his or her First Amendment rights. However, intentionally and falsely accusing any person of having been convicted of a crime is itself a criminal offense, and subject to civil and criminal penalties. When ad hominem attacks go over the line into libel and slander, they will be vigorously prosecuted.

Mr. Left has been sued four times by companies claiming a variety of damages as a consequence of his postings. Mr. Left has prevailed in all four of these suits. In one of the cases, GTX Global vs. Left, the California Appeals Court, awarded him legal fees, while affirming the broad protection provided by California’s Anti-SLAPP law to public internet posters on topics of public interest. See further details here: http://www.citronresearch.com/index.php/disclamer/